So what does this do? Basically this application lets you check PSP's battery life, displaying the life percentage as well as the time remaining and will display wireless information. Also included is a USB connector, enabling you to connect your PSP to your PC via USB without using the menu from the XMB.
First thing you might think is "Nothing new, Ir shell amongst other things can do the same", but one feature you won't find in every applciation is the WiFi testing function. As the developer xmOD said - SysMon was created with a view to learn about the standard functions that lua offers while creating something useful.
So hopefully we will see more from xmOD and see what he comes up with next.